Brits to pay tax on money hidden in Swiss bank accounts

| August 25, 2011
Brits to pay tax on money hidden in Swiss bank accounts

UK residents holding cash and investments with Swiss banks are to be taxed by Swiss authorities, with the money then handed over to HM Revenue and Customs (HMRC).

A deal has been agreed between governments whereby account holders can retain their anonymity but will be forced to make their contribution to the Treasury.

HMRC expects to receive billions of pounds a year as a result of the agreement, starting with an upfront payment of SFr 500 million.

Initially, Britons with money in Swiss accounts can expect to be taxed at between 19% and 34% on their principal sums, followed by a levy of between 27% and 48% on annual income, from 2013.

Germany and the US have also made inroads into the secret world of Swiss bank accounts recently, having put pressure on individual banks and Swiss authorities to reveal the names of account holders.

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